Everledger, the UK-headquartered blockchain startup backed by China’s Tencent, has run out of funds, according to the Australian Financial Review (AFR), which reported that the Australian subsidiary had gone into administration. While companies can emerge from administration, Ledger Insights can confirm that the UK subsidiary is being wound up, a far more terminal procedure. However, the UK holding company is not yet in administration.
The latest holding company accounts show a funding deal of £5.7 million ($7.2m) was reached in November 2022. The company received £1.6 million, but the balance of £4.1 million was subject to conditions to be met in Q1 of 2023. This second tranche did not materialize. Australian founder Leanne Kemp told the AFR that “external reasons and pressures on this investor meant Everledger was placed in a difficult and unexpected position.”
In 2019 it raised a $20 million Series A funding round led by China’s Tencent, followed by a further $7 million in 2020, including the UK government.
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